How can I protect myself from foreclosure?

Foreclosure is a legal process that occurs when a homeowner is unable to pay back their mortgage loan. If you’re a homeowner in Massachusetts, there are some steps you can take to help protect yourself from foreclosure. First, it’s important to stay in contact with your mortgage lender. The sooner you recognize that you’re not able to make payments, the sooner you can reach out to your lender. Many lenders offer various options, such as loan forbearance or refinancing, to help ease the burden of repayment. Second, be sure to look into all of your financial options. There are various local and national government programs that can offer assistance. These programs can provide temporary or long-term loan modifications, and may also offer techniques for avoiding foreclosure altogether. Third, seek legal advice. Foreclosure laws can be complicated and vary from state to state. Reach out to a legal professional specializing in Massachusetts foreclosure law for guidance and advice. Finally, know your rights. The Massachusetts Homeowner Bill of Rights offers comprehensive protection for homeowners facing foreclosure. This document clearly outlines the requirements for home lenders and can help inform you of your legal rights. By taking the above steps, you can better protect yourself from foreclosure. However, it’s important to remember that foreclosure can only be avoided if you’re able to reach a new agreement with your lender. Make sure to work with the lender in good faith and continue to make payments until all other options have been exhausted.

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How can I protect myself from foreclosure?

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